U.S. Senate approves major tax cuts in victory for Trump

The U.S. Senate narrowly approved a tax overhaul on Saturday, moving Republicans and President Donald Trump a big step closer to their goal of slashing taxes for businesses and the rich while offering everyday Americans a mixed bag of changes. Trump, speaking to reporters as he left the White House for New York hours after the pre-dawn vote, praised the Senate for passing "tremendous tax reform" and said "people are going to be very, very happy". Once the Senate and House of Representatives reconcile their respective versions of the legislation, he said, the resulting bill could cut the corporate tax rate from 35 percent "to 20 (percent).